Algeria's Finance Minister Aymen Benabderrahmane was named Prime Minister on Wednesday. AFP
Algeria's Finance Minister Aymen Benabderrahmane was named Prime Minister on Wednesday. AFP
Algeria's Finance Minister Aymen Benabderrahmane was named Prime Minister on Wednesday. AFP
Algeria's Finance Minister Aymen Benabderrahmane was named Prime Minister on Wednesday. AFP

Aymen Benabderrahmane named as Algeria's new Prime Minister


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Algeria's president named Finance Minister Aymen Benabderrahmane as Prime Minister on Wednesday and asked him to form a new government.

The presidency announced his appointment to replace Abdelaziz Djerad, who resigned last week following a parliamentary election on June 12 in which the Front de Libération Nationale (FLN) won the most seats amid protests.

OPEC member Algeria has been under financial pressure from lower oil and gas revenues, the main source of state finances.

The crisis has worsened during the Covid-19 pandemic, forcing the government to delay investment projects in various sectors.

The North African nation of 45 million people has not yet managed to diversify its economy away from oil and gas despite attempts to develop the non-energy sector.

Elected in December 2019, President Abdelmadjid Tebboune has said he will carry out political and economic reforms after mass protests demanding the departure of the ruling elite forced his predecessor Abdelaziz Bouteflika to resign in April 2019.

Mr Benabderrahmane set up a National Committee to address money laundering, terrorism financing and the proliferation of weapons of mass destruction in March, the Algeria Press Service said.

He became Finance Minister in June last year after a stint as Central Bank Governor.

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yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

Updated: June 30, 2021, 4:25 PM